XRP delivered an outstanding performance on Thanksgiving Day, 28 November 2024, surging by 9.4% to reach $1.60. This rally made XRP the top-performing cryptocurrency among the top 10 by market cap, far outpacing rivals like Bitcoin and Ethereum. Thanksgiving, typically a quiet trading day due to the U.S. holiday, saw muted activity for most cryptocurrencies, but XRP defied this trend with strong trading volumes of $8.983 billion. Over the past month, XRP has surged an extraordinary 206%, cementing itself as one of the standout performers in the crypto market.
The total cryptocurrency market cap declined by 1.3% over the past day to $3.474 trillion, with daily trading volume across the market at $194.357 billion. Bitcoin dominance sits at 54.5%, with Ethereum holding 12.3%. Despite these broader market dynamics, XRP has emerged as a clear leader, showcasing strong investor demand and renewed confidence. While Bitcoin managed only a 0.3% gain on Thanksgiving, Ethereum fell 1.3%, Solana barely rose by 0.1%, and Binance Coin gained a modest 3.2%. XRP’s 9.4% rally stands in stark contrast to its rivals, signaling unique growth factors at play.
XRP’s stellar month can be traced back to multiple catalysts. First, Donald Trump’s recent victory in the 2024 U.S. presidential election has bolstered expectations of a pro-crypto administration. Investors are also eagerly anticipating the departure of SEC Chair Gary Gensler, expected on 20 January 2025, which could lead to a more favorable regulatory environment for cryptocurrencies.
The one-month price chart for XRP underscores its dramatic growth in November, with the token breaking through critical resistance levels and sustaining a powerful uptrend. The rally began mid-month after the price crossed $1.00, rapidly accelerating past $1.50 as volumes increased. Thanksgiving’s surge has brought XRP closer to testing psychological resistance at $1.65, and a potential breakthrough could pave the way for a move toward $2.00 in the near term.
Source: TradingView
Despite its recent rally, XRP remains 52.3% below its all-time high of $3.40 from January 2018. The token has recovered significantly from its all-time low of $0.002686 in May 2014, reflecting a long history of volatile price movements. With a year-to-date gain of 159.51% and a monthly growth of 213%, XRP’s recent performance highlights its ability to attract significant investor interest.
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